What is a Waiver of Premium?

A waiver of premium is an insurance policy provision that eliminates premium payment requirements if the policyholder becomes disabled or critically ill. This feature ensures coverage continues without financial burden during periods when the insured cannot work. Waiver of premium riders are common in life insurance, disability insurance, and some health insurance policies, typically requiring proof of disability and waiting periods.

Why waiver of premium matters

• Maintains coverage during disability: Prevents policy lapse when income is reduced
• Provides financial protection: Eliminates insurance costs during challenging times
• Offers peace of mind: Ensures continuous coverage despite inability to pay premiums

How Solace can help

A Solace advocate can help you understand waiver of premium provisions in your policies, assist with disability documentation requirements, and guide you through the application process. Advocates can also help coordinate between insurers and healthcare providers to obtain necessary proof of disability.